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The former co-head of capital markets at Dresdner Kleinwort Wasserstein has severed ties with the investment bank as he tries to seal a joint venture deal with its parent, Allianz, the German insurance group.

Achilles Macris, who first began work on the venture last September, is described by bank insiders as seeking up to $500m (€385m) of capital from Allianz to set up and run an investment fund.

Macris was originally hoping to have the new business up and running by the end of last year. However, negotiations continue and nothing has yet been signed.

Bank insiders are sceptical that Allianz will agree to back the new venture. Allianz and DrKW declined to comment and Macris turned down several requests for an interview.

Although he no longer works for DrKW, the bank confirmed last week that Macris retained an office and remained a consultant. It said his talks over a new business venture were ongoing, but would provide no further details.

At the time Macris stepped down as co-head of capital markets, DrKW said he was “exploring the feasibility of a new business venture with the goal of commencing commercial operations by year-end”.

However, according to filings with Companies House in the UK, Macris resigned his bank directorships in December last year. The Financial Services Authority’s register shows Macris is no longer authorised to carry out investment business on behalf of DrKW or Dresdner Bank, its banking parent, also owned by Allianz.

Macris, who joined the investment bank in 2001, was one of three co-heads of capital markets. He stepped down after a reshuffle following the arrival of Steve Bellotti, a former senior Merrill Lynch banker, as global head of capital markets. The three co-heads are Tarek Mahmoud, David Wenman and Eric Pohl.